Possible job changes in the future

Stephanie2167

Hey ladies! My husband is in the Coast Guard and I've been blessed with a company who has worked with me for the last 10 years whenever we transfer. I worked from home for four of those years. Two years ago they changed their policy and were requiring all employees be at a site (luckily we were being transferred to a place I could be in the office). We'll be transferring again next summer (we don't know where yet) and once again, policy is changing and my options for "offices" is limited. So, we are trying to find ways to prepare for the possibility of me either getting laid off or having to resign my position. 

This job is my first one out of college so the thought of trying to find another one after 10 years in terrifying. I'm also leaning towards possibly staying home with my twin girls until they start Kindergarten (they'll be 2 1/2 when we move) We also have a 5 year old. I know this is something we'll handle when the time comes, but any ideas of ways to prepare? Especially if we decide that I'll stay home?

Thanks!

brij2006

I would recommend trying to live without your income now and see how it goes.  Just have your paycheck deposited into a separate account (that you use to pay for daycare, since later you will no longer have that expense).  Solely live off his income and see how well it goes and what things you will need to cut in order to do so.

Stephanie2167

This is a good idea @brij2006 but we wouldn't be able to do my whole paycheck since daycare for us runs $2000 a month. :-& I'll do some number crunching and see how that would work for us.

Also, I currently put 16% into my 401k. Do I leave that alone or lower it for the time being?

jtmh2012

Stephanie2167 said:

This is a good idea @brij2006 but we wouldn't be able to do my whole paycheck since daycare for us runs $2000 a month. :-& I'll do some number crunching and see how that would work for us.

Also, I currently put 16% into my 401k. Do I leave that alone or lower it for the time being?

I'd leave the 401k alone.  Time is your best friend.

As for your paycheck, I believe @brij2006's point was to pay only your daycare expenses with your paycheck.  Nothing else.  All other expenses must come out of your husband's check only.  If there isn't enough money then you either need to a) cut expenses or b) get a job.

Also, don't forget since you're moving, you'll need to take into consideration cost of living increases/decreases in the new area.

brij2006

I'm bad with wording, but what I meant was to only use your paycheck to pay for daycare.  Anything above that, put into a separate account and not use it toward anything within your budget.  Then you will know whether or not it's feasible to live solely off his income.  Or you will find out that things need to be cut in certain areas in order to do so.  

simplyelise

Even if you decide to stay home for a couple years, early next year would be a good time to start asking people you've worked with if they would consent to being references for future jobs or if they would write general recommendations. 

What field do you work in? Some fields factor in LinkedIn and the recs on there, but most I've had prefer hard copy. If you asked people before you left if they would write a general recommendation, you could re-contact them if/when you need a recommendation with a more current date or extra line specified to a job skill. They've already written down their thoughts, so it would probably be as easy as printing, signing, and mailing. Since they know your situation and know the policy change is the only thing keeping you from continuing your employment, they will likely be very agreeable. 

From experience, it can be very difficult if you wait a couple years and then a potential employer wants a letter of rec from a specific career you were in and you have to go ask a former supervisor who you don't really stay in contact with. I considered applying for a position a couple weeks ago that would have been perfect for me and required three letters of rec. But my last boss passed away a few months after I moved to a new job (he was a state rep and I was his only employee, so difficult to find a substitute recommender) and I didn't want to alert any current co-workers/supervisors that I was considering a change. If you ask a couple months before you leave and follow it up with heartfelt thank you notes, it will be a huge time and stress saver later.

Stephanie2167

Thanks @brij2006. That makes sense now.

@simplyelise - I work in aerospace but my degree in in Broadcast Journalism. So, yeah! I'm actually on great terms with all my former managers (reorganizations bring you new managers about every 9-12 months Grrr!) so letters of recommendations would hopefully be easy to come by. I'll make sure to ask for those if that is what indeed needs to happen.

dancingsunflowers1980

I understand, my hubby is AF. What a blessing that you have been able to keep the same position for 10 years while traveling! My resume is quote splotchy. I agree with all the posts above. It's great that you are doing some pre-planning if that's what you decide to do. When we went from 2 incomes to 1, it was tough, but we didn't plan at all because we were young. If we had to do it again, I would start cutting back and focus on the fact that you'll be a great influence on your kiddos if you decide to be home! Bless you.

mommato2lilmonkeys

MommyLiberty5013

Another idea is to start getting into new patterns and habits. For example, using coupons, shopping sales, and meal planning (if you aren't doing these already). Whether you end up still working outside the home or if you are a full time SAHM, these are great skills to have. Practice them now and early and often to get the hang of them so you can be ready for when/if the time comes.

I ditto the PP's idea about using only one income on all expenses (except day care).

Stephanie2167

Starting in August, I'll start only using my paycheck to pay for daycare. Everything else will get put away. I appreciate your advice.

smerka

My kids are about to start school full time so I am in your sitaution. I left my industry when I became a SAHM, but I have kept in contact with my old boss. I also took a job doing taxes for the last five years so I will have a boss who can write me a letter of recommendation even if it is a different industry. I would consider taking a part time job in retail (for the discount maybe) or somewhere else just to have a boss and no gaps in your resume. Of course I am assuming that people will be understanding of my lack of a full time job for the last six years